Citigroup to become first foreign company listed on TSE?

Financial giant Citigroup may begin listing its shares on the Tokyo Stock Exchange (TSE) , according to a spokesman for the company.

Citigroup, which Forbes lists as the largest company in the world, hopes that such a move will increase awareness of their brand and facilitate expansion in Japan's booming retail banking market.

The company is looking to take advantage of a relaxation of laws that govern foreign-backed takeovers in the notoriously protectionist country and expand its retail banking presence to 50 outlets.

Commenting on the developments Hisakazu Amano of T&D Asset Management.said:"Citigroup is appealing to Japanese investors. The firm would raise its brand power and credibility in Japan by listing on the TSE.''

The news comes when Citigroup is enduring a rocky time in Japan. The company recently decided to close most of its Japanese consumer finance outlets and its credibility was recently dealt a further blow by investigation into accounting irregularities at Nikko Cordial, a brokerage company in which Citigroup owns a 4.9 per cent share, which led to the resignation of six staff.

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